Middlefield Income Plus II Announces Exchange Ratios

News provided by

Middlefield Income Plus II Corp.

Mar 08, 2012, 19:30 ET

TORONTO, March 8, 2012 /CNW/ - Middlefield Group, on behalf of Middlefield Income Plus II Corp. ("Income Plus II" or the "Fund"), is pleased to announce the exchange ratios for the exchange offer by the Fund (the "Exchange Option") being made under the final prospectus of the Fund dated February 24, 2012.

Income Plus II has been designed to provide investors with monthly cash distributions and the potential for capital appreciation. The Fund will be actively managed and initially comprised of 70% high dividend paying common shares and 30% fixed income securities of Canadian issuers that offer attractive opportunities for both stable income and capital appreciation.

The Fund will employ an investment strategy which is similar to that of Middlefield Income Plus Class mutual fund, which was launched in September 2000 and has maintained a consistent $0.07 per Series A share monthly distribution since 2003. The net asset value per Series A share of Middlefield Income Plus Class was $16.23 as of March 2, 2012.

Middlefield Capital Corporation will act as the investment advisor to the Fund.

The initial target distribution yield for the Fund is expected to be 6.0% per annum based on the original subscription price (or $0.06 per equity share per month or $0.72 per equity share per annum).

Middlefield Limited, the manager, intends that on or about March 27, 2014, the Fund will, subject to receipt of any regulatory approvals then required, amalgamate on a tax-deferred basis with Middlefield Income Plus Class mutual fund.

The number of shares issuable for each class of security of an Exchange Eligible Issuer (as listed below) (the "Exchange Ratio") have been determined (i) for common shares, income trust units and preferred shares, by dividing the weighted average trading price of such security on the Toronto Stock Exchange ("TSX") (or such other exchange or market on which such security is then listed) during the period of five consecutive trading days ending on March 8, 2012 (the "Pricing Period"), as adjusted to reflect distributions declared by any Exchange Eligible Issuer that will not be received by the Fund, by $12.00, and (ii) for convertible debentures, for each $1,000 principal amount of convertible debentures, by dividing the weighted average trading price of such principal amount of convertible debentures on the TSX (or such other exchange or market on which such security is then listed) during the Pricing Period, plus accrued interest calculated in accordance with market practice, up to but not including the date of the closing of the offering, by $12.00. Holders of securities of Exchange Eligible Issuers who deposited such securities pursuant to the Exchange Option will continue to be holders of record up to but not including the date of the closing of this offering and will be entitled to receive distributions in respect of such securities of Exchange Eligible Issuers up to but not including such date. Each Exchange Ratio will be rounded down to five decimal places.

The table below sets out the Exchange Eligible Issuers, the securities of which may be accepted by the Fund pursuant to the Exchange Option including the name of the Exchange Eligible Issuer, its ticker symbol, its CUSIP number, its ISIN, its volume weighted average trading price during the Pricing Period and the Exchange Ratios.

Name     Ticker     CUSIP     ISIN     VWAP     Exchange
Ratio
Equity Issuers                              
Aecon Group Inc     ARE     00762V109     CA00762V1094     12.6380     1.05316
AGF Management Ltd     AGF.B     001092105     CA0010921058     15.1457     1.26214
Agnico-Eagle Mines Ltd     AEM     008474108     CA0084741085     35.4538     2.95448
Alaris Royalty Corp     AD     01163Q202     CA01163Q2027     18.3844     1.53203
Algonquin Power & Utilities Corp     AQN     015857105     CA0158571053     6.3690     0.53075
Allied Properties Real Estate Investment Trust     AP.UN     019456102     CA0194561027     26.5951     2.21625
ARC Resources Ltd     ARX     00208D408     CA00208D4084     24.2054     2.01711
Artis Real Estate Investment Trust     AX.UN     04315L105     CA04315L1058     15.9533     1.32944
Atlantic Power Corp     ATP     04878Q863     CA04878Q8636     14.1487     1.17905
AvenEx Energy Corp     AVF     05355T114     CA05355T1140     5.5747     0.46455
Bank of Montreal     BMO     063671101     CA0636711016     57.4394     4.78661
Bank of Nova Scotia, The     BNS     064149107     CA0641491075     53.1850     4.43208
Barrick Gold Corp     ABX     067901108     CA0679011084     45.9591     3.82992
Baytex Energy Corp     BTE     07317Q105     CA07317Q1054     55.8746     4.65621
BCE Inc     BCE     05534B760     CA05534B7604     41.1068     3.38035
Bell Aliant Inc     BA     07786R204     CA07786R2046     27.7084     2.26945
Boardwalk Real Estate Investment Trust     BEI.UN     096631106     CA0966311064     56.8327     4.73605
Bombardier Inc     BBD.B     097751200     CA0977512007     4.1393     0.34282
Bonavista Energy Corp     BNP     09784Y108     CA09784Y1088     21.2190     1.76825
Bonterra Energy Corp     BNE     098546104     CA0985461049     52.2375     4.33145
Brookfield Asset Management Inc     BAM.A     112585104     CA1125851040     31.0225     2.58520
Brookfield Office Properties Inc     BPO     112900105     CA1129001055     17.3145     1.44287
Calloway Real Estate Investment Trust     CWT.UN     131253205     CA1312532056     27.4377     2.28647
Canadian Apartment Properties REIT     CAR.UN     134921105     CA1349211054     22.9987     1.91655
Canadian Imperial Bank of Commerce     CM     136069101     CA1360691010     76.1533     6.34610
Canadian National Railway Co     CNR     136375102     CA1363751027     75.7932     6.28485
Canadian Oil Sands Ltd     COS     13643E105     CA13643E1051     22.6016     1.88346
Canadian Pacific Railway Ltd     CP     13645T100     CA13645T1003     73.3350     6.11125
Canadian Real Estate Investment Trust     REF.UN     13650J104     CA13650J1049     38.3491     3.19575
Canadian Utilities Ltd     CU     136717832     CA1367178326     66.5337     5.54447
Canadian Western Bank     CWB     13677F101     CA13677F1018     28.6413     2.38677
Canexus Corp     CUS     13751W103     CA13751W1032     7.7698     0.64748
Canfor Pulp Products Inc     CFX     137584207     CA1375842079     13.3327     1.11105
Capstone Infrastructure Corp     CSE     14069Q101     CA14069Q1019     3.9466     0.32888
Cathedral Energy Services Ltd     CET     14916J102     CA14916J1021     7.5801     0.63167
Cenovus Energy Inc     CVE     15135U109     CA15135U1093     36.9986     3.06488
Chartwell Seniors Housing Real Estate Investment Trust     CSH.UN     16140U100     CA16140U1003     9.3218     0.77681
Chemtrade Logistics Income Fund     CHE.UN     16387P103     CA16387P1036     16.6898     1.39081
Chorus Aviation Inc     CHR.B     17040T201     CA17040T2011     3.3672     0.28060
Cineplex Inc     CGX     172454100     CA1724541000     27.7677     2.31397
CML HealthCare Inc     CLC     12582Q103     CA12582Q1037     10.6386     0.88655
Cominar Real Estate Investment Trust     CUF.UN     199910100     CA1999101001     23.3736     1.94780
Crescent Point Energy Corp     CPG     22576C101     CA22576C1014     45.6676     3.80563
Davis & Henderson Corp     DH     239057102     CA2390571024     17.6915     1.44845
Dundee International Real Estate Investment Trust     DI.UN     26518R209     CA26518R2090     10.3759     0.86465
Dundee Real Estate Investment Trust     D.UN     265270207     CA2652702077     35.3838     2.94865
Eagle Energy Trust     EGL.UN     269505103     CA2695051037     10.8894     0.90745
Eldorado Gold Corp     ELD     284902103     CA2849021035     14.1979     1.18315
Enbridge Inc     ENB     29250N105     CA29250N1050     38.0390     3.16991
Encana Corp     ECA     292505104     CA2925051047     19.7860     1.63216
EnerCare Inc     ECI     29269C207     CA29269C2076     9.8683     0.82235
Enerflex Ltd     EFX     29269R105     CA29269R1055     11.5265     0.95554
Enerplus Corp     ERF     292766102     CA2927661025     23.3707     1.93255
Extendicare Real Estate Investment Trust     EXE.UN     302251103     CA3022511032     8.1273     0.67727
Fortis Inc     FTS     349553107     CA3495531079     32.5200     2.71000
Franco-Nevada Corp     FNV     351858105     CA3518581051     42.9605     3.57670
Freehold Royalties Ltd     FRU     356500108     CA3565001086     20.0468     1.67056
Gamehost Inc     GH     36468B104     CA36468B1040     11.6064     0.96720
Goldcorp Inc     G     380956409     CA3809564097     47.1563     3.92594
H&R Real Estate Investment Trust     HR.UN     404428203     CA4044282032     23.9227     1.98591
Horizon North Logistics Inc     HNL     44044D107     CA44044D1078     5.9452     0.49543
Husky Energy Inc     HSE     448055103     CA4480551031     25.5302     2.12751
IAMGOLD Corp     IMG     450913108     CA4509131088     14.3092     1.19243
InnVest Real Estate Investment Trust     INN.UN     45778F101     CA45778F1018     5.3222     0.44351
Inter Pipeline Fund     IPL.UN     45833P102     CA45833P1027     19.0701     1.58917
Just Energy Group Inc     JE     48213W101     CA48213W1014     13.0534     1.07917
Kinross Gold Corp     K     496902404     CA4969024047     10.6218     0.88515
Labrador Iron Ore Royalty Corp     LIF.UN     505440115     CA5054401156     34.8102     2.90085
Manitoba Telecom Services Inc     MBT     563486109     CA5634861093     33.1848     2.72998
Manulife Financial Corp     MFC     56501R106     CA56501R1064     12.0404     1.00336
Morguard Real Estate Investment Trust     MRT.UN     617914106     CA6179141065     16.4042     1.36701
Mullen Group Ltd     MTL     625284104     CA6252841045     21.5402     1.79501
NAL Energy Corp     NAE     62875E101     CA62875E1016     7.4847     0.62372
National Bank of Canada     NA     633067103     CA6330671034     78.1357     6.51130
Nexen Inc     NXY     65334H102     CA65334H1029     19.6463     1.63302
Northern Property Real Estate Investment Trust     NPR.UN     66562P105     CA66562P1053     32.7112     2.72593
Northland Power Inc     NPI     666511100     CA6665111002     17.5630     1.46358
NorthWest Healthcare Properties Real Estate Investment Trust     NWH.UN     667495105     CA6674951059     12.2427     1.02022
Pacific Rubiales Energy Corp     PRE     69480U206     CA69480U2065     29.5988     2.46656
Parallel Energy Trust     PLT.UN     69915T105     CA69915T1057     7.5093     0.62577
Pembina Pipeline Corp     PPL     706327103     CA7063271034     27.5716     2.29763
Pengrowth Energy Corp     PGF     70706P104     CA70706P1045     9.6912     0.80760
Penn West Petroleum Ltd     PWT     707887105     CA7078871059     20.7750     1.73125
Peyto Exploration & Development Corp     PEY     717046106     CA7170461064     18.0311     1.50259
Power Corp of Canada     POW     739239101     CA7392391016     25.4735     2.12279
Power Financial Corp     PWF     73927C100     CA73927C1005     27.8072     2.31726
Primaris Retail Real Estate Investment Trust     PMZ.UN     74157U109     CA74157U1093     22.2335     1.85279
Progress Energy Resources Corp     PRQ     74326Y107     CA74326Y1079     11.0197     0.91830
Provident Energy Ltd     PVE     74386V100     CA74386V1004     11.6620     0.96808
Pure Industrial Real Estate Trust     AAR.UN     74623T108     CA74623T1084     4.5036     0.37530
RioCan Real Estate Investment Trust     REI.UN     766910103     CA7669101031     27.4696     2.28913
Rogers Communications Inc     RCI.B     775109200     CA7751092007     38.1300     3.14458
Royal Bank of Canada     RY     780087102     CA7800871021     56.3472     4.69560
Shaw Communications Inc     SJR.B     82028K200     CA82028K2002     20.3080     1.68559
Shoppers Drug Mart Corp     SC     82509W103     CA82509W1032     41.4199     3.45165
Silver Wheaton Corp     SLW     828336107     CA8283361076     35.8003     2.98335
Sun Life Financial Inc     SLF     866796105     CA8667961053     21.1982     1.76650
Suncor Energy Inc     SU     867224107     CA8672241079     34.1702     2.84751
Superior Plus Corp     SPB     86828P103     CA86828P1036     7.4562     0.62135
Talisman Energy Inc     TLM     87425E103     CA87425E1034     13.2765     1.10637
Teck Resources Ltd     TCK.B     878742204     CA8787422044     36.3566     3.02971
TELUS Corp     T     87971M103     CA87971M1032     57.0785     4.75654
Tim Hortons Inc     THI     88706M103     CA88706M1032     52.9866     4.41555
Toronto-Dominion Bank     TD     891160509     CA8911605092     81.1161     6.75967
TransCanada Corp     TRP     89353D107     CA89353D1078     43.4248     3.61873
Trinidad Drilling Ltd     TDG     896356102     CA8963561029     7.6902     0.64085
Veresen Inc     VSN     92340R106     CA92340R1064     14.8242     1.23535
Vermilion Energy Inc     VET     923725105     CA9237251058     47.9425     3.99520
Westshore Terminals Investment Corp     WTE.UN     96145A101     CA96145A1012     24.2116     2.01763
Yamana Gold Inc     YRI     98462Y100     CA98462Y1007     16.6057     1.38380
Preferred Shares                              
Bank of Montreal     BMO J     063671812     CA0636718128     25.7785     2.14821
Bank of Montreal     BMO P     063671747     CA0636717476     26.8747     2.23956
Bank of Nova Scotia, The     BNS N     064149768     CA0641497684     26.7639     2.23032
Bank of Nova Scotia, The     BNS Y     064149636     CA0641496363     25.3764     2.11470
Brookfield Asset Management     BAM T     112585724     CA1125857245     25.1998     2.07654
Brookfield Office Properties Inc     BPO N     112900832     CA1129008324     26.5383     2.17949
Canadian Imperial Bank of Commerce     CM L     136069481     CA1360694816     27.2165     2.26804
Fairfax Financial Holdings Ltd     FFH I     303901847     CA3039018476     25.0280     2.05962
Intact Financial Corp     IFC A     45823T304     CA45823T3047     25.6595     2.11642
Manulife Financial Corp     MFC B     56501R403     CA56501R4035     23.8384     1.98653
Manulife Financial Corp     MFC C     56501R502     CA56501R5024     23.5538     1.96281
Manulife Financial Corp     MFC F     56501R858     CA56501R8580     24.4088     2.03406
Royal Bank of Canada     RY T     780086872     CA7800868720     27.2618     2.27181
Royal Bank of Canada     RY I     78010A416     CA78010A4164     26.3043     2.19202
Royal Bank of Canada     RY L     78010A333     CA78010A3331     26.3852     2.19876
Sun Life Financial Inc     SLF D     866796501     CA8667965013     23.2599     1.93832
Toronto-Dominion Bank     TD O     891160681     CA8911606819     25.9446     2.16205
Toronto-Dominion Bank     TD A     891145807     CA8911458070     26.1897     2.18247
Convertible Debentures                              
Aecon Group Inc     ARE.DB     00762VAC3     CA00762VAC33     105.0491     90.28980
AG Growth International Inc     AFN.DB     001181AA4     CA001181AA41     105.6269     89.30093
Arcan Resources Ltd     ARN.DB.B     039252AB7     CA039252AB77     102.8358     88.16409
Calloway Real Estate Investment Trust     CWT.DB.A     131253AD8     CA131253AD87     109.7211     92.64882
Capstone Infrastructure Corp     CSE.DB.A     14069QAA9     CA14069QAA90     101.6942     85.93239
Chemtrade Logistics Income Fund     CHE.DB.A     16387PAC7     CA16387PAC73     103.7878     87.78952
Cominar Real Estate Investment Trust     CUF.DB.C     199910AD2     CA199910AD22     104.5218     89.37915
Cominar Real Estate Investment Trust     CUF.DB.D     199910AF7     CA199910AF79     115.2672     98.60852
Dundee International Real Estate Investment Trust     DI.DB     26518RAB6     CA26518RAB65     100.1937     84.11001
Dundee Real Estate Investment Trust     D.DB.B     265270AD0     CA265270AD09     104.9926     88.58976
Extendicare Real Estate Investment Trust     EXE.DB     302251AA1     CA302251AA14     101.2092     85.38210
Great Basin Gold Ltd     GBG.DB     390124AA3     CA390124AA30     98.0774     83.76820
H&R Real Estate Investment Trust     HR.DB     403925AA8     CA403925AA81     108.1110     91.30710
H&R Real Estate Investment Trust     HR.DB.B     403925AB6     CA403925AB64     170.2795     143.13249
H&R Real Estate Investment Trust     HR.DB.C     403925AC4     CA403925AC48     126.5134     106.52368
H&R Real Estate Investment Trust     HR.DB.D     403925AF7     CA403925AF78     109.7410     92.52841
Harvest Operations Corp     HTE.DB.D     41754WAK7     CA41754WAK77     100.8665     86.11571
Harvest Operations Corp     HTE.DB.E     41754WAE1     CA41754WAE18     102.6871     88.41965
Harvest Operations Corp     HTE.DB.F     41754WAG6     CA41754WAG65     103.0583     86.21298
Harvest Operations Corp     HTE.DB.G     41754WAJ0     CA41754WAJ05     104.8109     89.24308
Just Energy Group Inc     JE.DB     48213WAA9     CA48213WAA95     98.5575     83.22716
Just Energy Group Inc     JE.DB.B     48213WAC5     CA48213WAC51     96.0431     82.39894
Morguard Real Estate Investment Trust     MRT.DB     617914AL0     CA617914AL03     117.1936     100.20686
NAL Energy Corp     NAE.DB     62875EAA9     CA62875EAA97     101.3536     84.78297
NAL Energy Corp     NAE.DB.A     62875EAB7     CA62875EAB70     101.4811     85.70910
Pembina Pipeline Corp     PPL.DB.C     706327AF0     CA706327AF03     108.4696     91.84854
Perpetual Energy Inc     PMT.DB.C     714270AA3     CA714270AA33     97.7262     82.62575
Perpetual Energy Inc     PMT.DB.D     714270AC9     CA714270AC98     74.9082     63.23461
Perpetual Energy Inc     PMT.DB.E     714270AB1     CA714270AB16     72.2000     61.44517
Primaris Retail Real Estate Investment Trust     PMZ.DB.A     74157UAC3     CA74157UAC32     105.0485     88.18149
Progress Energy Resources Corp     PRQ.DB.B     74326YAC1     CA74326YAC18     100.6928     85.60073
Progress Energy Resources Corp     PRQ.DB.C     74326YAD9     CA74326YAD90     101.0463     85.27005
Provident Energy Ltd     PVE.DB.E     74386VAC4     CA74386VAC42     114.6189     96.56599
Provident Energy Ltd     PVE.DB.F     74386VAD2     CA74386VAD25     106.3086     89.64075
Superior Plus Corp     SPB.DB.B     86828PAA1     CA86828PAA18     100.7590     85.01603
Superior Plus Corp     SPB.DB.E     86828PAD5     CA86828PAD56     88.1225     74.48563
Superior Plus Corp     SPB.DB.F     86828PAE3     CA86828PAE30     88.4214     74.79408
Uranium One Inc     UUU.DB.A     91701PAC9     CA91701PAC91     119.9582     100.87842

The syndicate of agents is being co-led by CIBC World Markets Inc. and RBC Capital Markets and includes BMO Capital Markets, National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Canaccord Genuity Corp., GMP Securities L.P., Macquarie Private Wealth Inc., Raymond James Ltd., Middlefield Capital Corporation, Dundee Securities Ltd. and Mackie Research Capital Corporation.

This press release is for information purposes only and does not constitute an offer to sell or a solicitation to buy the securities referred to herein. This offering is only made by prospectus.  The prospectus contains important detailed information about the securities being offered.  Copies of the prospectus may be obtained from your IIROC registered financial advisor.  Investors should read the prospectus before making an investment decision.

 

 

please visit our website at www.middlefield.com or contact Nancy Tham, Managing Director, Sales and Marketing, at 416.847.5349 or 1.888.890.1868.

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Middlefield Income Plus II Corp.